The UAE and Algeria define new paths for economic partnership

Al-Marri stressed that the Emirati-Algerian relations are firm and their roots go back to the frameworks of brotherhood and partnership established by the late Sheikh Zayed bin Sultan Al Nahyan and President Houari Boumediene, according to the Emirates News Agency (WAM).

The UAE Minister of Economy said: “Economic cooperation is one of the main pillars of fraternal relations between the two countries, and non-oil trade between the two sides has witnessed a recovery from the consequences of the Corona pandemic, as it increased from $ 701 million in 2020 to about $ 800 million by the end of 2022, achieving a growth rate of 14 percent, and we look forward to working with joint efforts during the next stage, especially through the programs of this committee, to raise our trade exchanges above the level of one billion dollars recorded in 2019.

Al-Marri praised the committee’s effectiveness in advancing cooperation between the public and private sectors, and called on both sides to continue working to strengthen its role.

On the other hand, Zagdar stressed that the meeting of the committee reflects the sincere political will of the leaderships of the two countries and their firm determination to upgrade brotherly relations and cooperation to the level of strategic partnership, in a way that achieves their common interests and aspirations for further development and advancement.

The Algerian Minister of Industry said: “We look forward to strengthening cooperation and increasing mutual investments with brothers in the UAE in a number of strategic sectors, including mines, the knowledge economy and entrepreneurship, as well as benefiting from the UAE experience in the financial and banking field and sovereign funds, in addition to working to establish an industrial partnership.” technology and exploring more investment opportunities in the industrial sector.

The Minister of State for Foreign Trade in the UAE, Thani bin Ahmed Al-Zeyoudi, said that the country is one of Algeria’s most important Arab trade partners during the year 2021, with its acquisition of nearly 20 percent of Algeria’s trade volume with Arab countries, and the first in the Gulf with a rate of more than 40 percent of Algeria’s trade. with the countries of the Gulf Cooperation Council.

In terms of investment, the total flows of Emirati investments to Algeria amounted to about $600 million by the end of 2021, as Emirati companies invest in many vital sectors in the Algerian markets, including medicines, cosmetics, agriculture, renewable energy, and others.

On the other hand, the balance of Algeria’s investments in the UAE until the end of 2020 amounted to about $ 240 million, and they were concentrated in the financial, insurance and real estate sectors.

The committee identified new paths that will lead the strategic partnership between the two countries during the next stage, which included strengthening political and economic cooperation, with a focus on exploring more promising opportunities in the sectors of trade and mutual investment, advanced technology and innovative industries, energy and mineral wealth, banking and financial services, air and sea transport, logistics services, and agriculture. food security, tourism, entrepreneurship, emerging projects, and the customs sector.

At the conclusion of the committee’s work, the two sides signed 5 memorandums of understanding for cooperation in the fields of seismic engineering, investment promotion, industrial and technological cooperation, digital transformation and digitization, in addition to a memorandum of understanding regarding an executive program for cooperation in the field of standardization.